§431:4-416 Subscriber's liability. (a) The liability of each subscriber subject to assessment for the obligations of the reciprocal insurer shall not be joint, but shall be individual and several.
(b) Each subscriber who is subject to assessment shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while the subscriber's policy was in force. The contingent liability may be at the rate of not less than one nor more than ten times the premium or premium deposit stated in the policy, and the maximum aggregate thereof shall be computed in the manner set forth in section 431:4-418.
(c) Each assessable policy issued by the insurer shall plainly set forth a statement of contingent liability. [L 1987, c 347, pt of §2]
Section: Previous 431-4-409 431-4-410 431-4-411 431-4-412 431-4-413 431-4-414 431-4-415 431-4-416 431-4-417 431-4-418 431-4-419 431-4-420 431-4-421 431-4-422 431-4-423 NextLast modified: October 27, 2016